A123 Systems Can Use DIP Funds to Pay Employees

David_Vieau_123systems_bankruptcyWhen A123 Systems, a company that makes lithium batteries for use in automobiles, filed for Chapter 11 bankruptcy in mid-October, employees worried about what this would mean in terms of their jobs. A123 has not said anything regarding layoffs; however, it did receive interim court approval to use part of its $72.5 million financing from Johnson Controls to pay employee wages, salaries and benefits. Continue reading…

Michael Vick Spent $29 million Since Filing for Bankruptcy

Bankruptcy Doesn’t Have to Destroy You Financially

Every American is familiar with Michael Vick’s story on some level. The pro football player has been in hot water for years, most notably for his extensive dog-fighting ring, which has incensed dog lovemichael_vick_files_bankruptcyrs everywhere, and made Vick one of the most hated football players in recent history.

His dog-fighting business did more damage to just his professional and personal reputation, however. After serving prison time for animal cruelty and a host of other charges, Vick was released and placed on a reorganization plan to pay off his creditors–his former team the Atlanta Falcons among them. Since his release, he has earned $31 million playing football, and has spent over $29 million of it. Continue reading…

Bankruptcy Hits Business Giants: Big Companies that have Filed for Bankruptcy

Since 2001, statistics show that about five companies a week have gone into bankruptcy. Although many people don’t realize it, a high percentage of companies filing for bankruptcy are major instit
utions. The bankrupt companies accounted for 80% in terms of asset size, making their situations even more troublesome. Continue reading…

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